EL 26942 Leaky Bore Year 1 Annual report for the period 5 August 2009 to 4 August 2010

Abstract

This report presents the work completed during the first year of tenure on the Leaky Bore Tenement (EL 26942). The tenement area has been held by numerous other companies who have explored for gold, base metals, industrial minerals and Uranium. Mithril first applied for the ground with a view to explore for Nickel sulphide deposits whilst remaining open mined to opportunities provided by other commodities. Exploration has focused on the Harts Range Group and in particular the Riddoch Amphibolites. Work completed during the reporting period included; 20 Diamond Drill Holes for 5,099 m; 18 RC holes for 1,864 m; 825 rock chip samples; 2009 VTEM Survey: 974 line kilometres of data was collected; 2010 VTEM Survey: 613 line kilometres of Airborne EM (VTEM) data was collected; 2009 Fixed loop EM Survey: 38 kilometres line kilometres from 4 fixed loop locations; 2009 Moving loop EM Survey: 9.35 line kilometres of data was collected; 2010 Ground EM Survey: 15 line kilometres of ground EM data was collected; and 2010 Ground Magnetic Survey: 105 line kilometres of ground magnetic data was collected. During the reporting period the Basil Copper-Cobalt Discovery was made in which significant mineralisation was intersected including; 56m at 0.52%Cu and 0.06%Co from 134.1m in LB025DD, including 5.7m at 1.04% Cu and 0.06% Co from 156.7m; 131.6m at 0.3% Cu and 0.04% Co from 188.5m in LB023DD, including 20.7m at 0.55%Cu and 0.09% Co from 249.3m.